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Will AI Bring The End Of Capitalism?

By Michael Timothy Bennett & Sean Welsh writing for Quillette

In 2018, the Washington Post published an opinion piece by Feng Xiang entitled “AI Will Spell the End of Capitalism.” Professor Feng teaches law at Tsinghua University and is one of China’s most prominent legal scholars. The core of his argument is set forth in the opening paragraphs:

If AI remains under the control of market forces, it will inexorably result in a super-rich oligopoly of data billionaires who reap the wealth created by robots that displace human labor, leaving massive unemployment in their wake. But China’s socialist market economy could provide a solution to this. If AI rationally allocates resources through big data analysis, and if robust feedback loops can supplant the imperfections of “the invisible hand” while fairly sharing the vast wealth it creates, a planned economy that actually works could at last be achievable.

There are a couple of things wrong with this...

Read the rest of the article at Quillette